JPMorgan Lifts Its Strategy (MSTR) Stake 36% and Holds $540 Million in Bitcoin ETFs
JPMorgan Chase raised its Strategy (MSTR) stake by 36% in the third quarter, boosting it to 848,932 shares worth $131.3 million by September 30, while also holding approximately $540 million in Bitcoin ETFs.
The Form 13F filing, submitted Thursday, reveals that JPMorgan increased its MSTR position from 624,387 shares in June to 848,932 shares by September 30. The stake's value rose from $57.87 million to $131.3 million during this period, reflecting both the increased share count and the stock's price appreciation from $92.68 to $154.67 per share.
More significantly, JPMorgan reported holding approximately $540 million in Bitcoin ETF shares, primarily through BlackRock's iShares Bitcoin Trust (IBIT). The bank held 11,408,930 shares of IBIT worth $539.98 million, representing a 9.6% increase from the previous quarter.
Bitcoin ETF Holdings
Beyond IBIT, JPMorgan maintained smaller positions in other spot Bitcoin funds, including Grayscale's Bitcoin Mini Trust ($5.76 million) and Bitwise's Bitcoin ETF ($3.00 million). The total spot Bitcoin ETF holdings amounted to approximately $549 million. The bank also held significant options positions, with IBIT call options valued at $175.27 million and put options at $137.97 million.
The $540 million figure is shares only. JPMorgan also reported IBIT call options covering 3,703,200 shares, valued at $175.27 million, and put options covering 2,915,000 shares, valued at $137.97 million.
Other Crypto Holdings
JPMorgan also increased its positions in other Bitcoin-related equities. The bank held 1,581,814 shares of Coinbase (COIN) worth $300.58 million, a 13% increase from June, and 128,788 shares of Strive (ASST) worth $3.77 million, representing a 179% increase in share count. Bank of New York Mellon separately reported raising its Strive stake by 28% to 237,100 shares.
Market Context
The filing comes as MSCI announced it will remove Strategy from its MSCI USA Index after November 30, which will also remove it from the MSCI World and ACWI indexes. As of Thursday morning, Strategy shares traded near $114.60, down about 6% on the day, while Bitcoin traded near $71,300, having slipped below $72,000 earlier in the session.
The 13F filing covers positions as of September 30 and includes holdings across 17 other managers, potentially encompassing client, fund, and discretionary positions. The deadline for institutional managers to file these disclosures was November 16, though the record does not reflect any changes JPMorgan may have made after September 30 as Bitcoin's price fluctuated.
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